SunPower Corp. (SPWR) Coverage Initiated by Analysts at Williams Capital
Williams Capital started coverage on shares of SunPower Corp. (NASDAQ:SPWR) in a report released on Friday. The brokerage set a “hold” rating and a $9.00 price target on the stock. Williams Capital’s target price indicates a potential downside of 0.33% from the company’s previous close.
Several other research firms also recently weighed in on SPWR. TheStreet downgraded SunPower Corp. from a “hold” rating to a “sell” rating in a research note on Monday, July 25th. Guggenheim upgraded SunPower Corp. from a “neutral” rating to a “buy” rating and increased their price target for the stock from $15.64 to $20.00 in a research note on Wednesday, July 27th. Zacks Investment Research cut SunPower Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 26th. Robert W. Baird reissued an “outperform” rating and set a $37.00 price objective on shares of SunPower Corp. in a report on Thursday, July 7th. Finally, Morgan Stanley reissued an “overweight” rating and set a $27.00 price objective (down previously from $39.00) on shares of SunPower Corp. in a report on Wednesday, August 3rd. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $25.05.
Shares of SunPower Corp. (NASDAQ:SPWR) opened at 9.03 on Friday. The stock’s 50 day moving average price is $9.49 and its 200-day moving average price is $15.73. SunPower Corp. has a 12-month low of $7.37 and a 12-month high of $31.10. The firm’s market cap is $1.25 billion.
SunPower Corp. (NASDAQ:SPWR) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. The firm earned $420.50 million during the quarter, compared to the consensus estimate of $344.97 million. SunPower Corp. had a positive return on equity of 10.76% and a negative net margin of 21.75%. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 EPS. On average, analysts predict that SunPower Corp. will post $0.35 earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of SunPower Corp. by 101.8% in the first quarter. BlackRock Inc. now owns 6,559 shares of the company’s stock worth $146,000 after buying an additional 3,308 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in SunPower Corp. during the second quarter worth approximately $102,000. Teacher Retirement System of Texas boosted its position in SunPower Corp. by 28.6% in the second quarter. Teacher Retirement System of Texas now owns 8,613 shares of the company’s stock worth $133,000 after buying an additional 1,914 shares during the last quarter. Edmond DE Rothschild Holding S.A. boosted its position in SunPower Corp. by 3.3% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 8,904 shares of the company’s stock worth $199,000 after buying an additional 285 shares during the last quarter. Finally, Seven Eight Capital LLC purchased a new position in SunPower Corp. during the first quarter worth approximately $207,000. Hedge funds and other institutional investors own 38.75% of the company’s stock.
SunPower Corp. Company Profile
SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements.
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